Korea: Korean Air to purchase Asiana Airlines

24-Nov-2020 Intellasia | MenaFN | 6:02 AM Print This Post

Korean Air Lines, South Korea”s main air transporter, will obtain the country”s debt-ridden second-biggest air carrier, Asiana Airlines, Yonhap news agency reported on Monday quoting the state-possessed Korea Development Bank (KDB).

The KDB, one of the main creditors of the debt-laden airline, will spend in 500 billion won (USD450.9 million) of shares and 300 billion won (USD270.5 million) of exchangeable ties to be sold by Hanjin KAL, a holding firm of airline corporation Hanjin Group.

Hanjin KAL will lend the raised finance of 800 billion won (USD721.4 million) to Korean Air to aid its associate conquest Asiana Airlines, while buying 731.7 billion won (USD659.8 million) of stocks out of the joint 2.5 trillion won (USD2.3 billion) in shares to be released by Korean Air for the attainment.

https://menafn.com/1101166332/South-Korea-Korean-Air-to-purchase-Asiana-Airlines&source=30

 

Category: Korea

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